17th Oct ’23 - BankNifty still neutral till 44650 - PostMortem
BankNifty Analysis
BankNifty also had a similar chart pattern as of Nifty50. A gap-up open of 345pts ~ 0.78% and then a steady period till 13.20. Fell 208pts ~ 0.47% in 50mts and then recovered for close.
HDFCBK did quite well even after the declaration of the results. The gap-up on hdfcbank was the main reason both Nifty and BankNifty had an unusual start. In fact HDFCBANK had a similar chart as that of BN as well as N50, except for the period 13.20 to 14.10 wherein HDFCBK fell only 0.38%. The fall in Kotak, ICICI, AXIS were quite strong in that period - is it telling us something?
Yesterday also we decided to go with a neutral stance, today we are sticking by that again. Despite the gap-up today we were not able to break through the 44650 zone i.e. above the double top level. For bullish momentum to pick up, the only thing BN has to do is negate the double-top zone. If we are falling, the level to watch out for is 44068.
BankNifty also had a similar chart pattern as of Nifty50. A gap-up open of 345pts ~ 0.78% and then a steady period till 13.20. Fell 208pts ~ 0.47% in 50mts and then recovered for close.
HDFCBK did quite well even after the declaration of the results. The gap-up on hdfcbank was the main reason both Nifty and BankNifty had an unusual start. In fact HDFCBANK had a similar chart as that of BN as well as N50, except for the period 13.20 to 14.10 wherein HDFCBK fell only 0.38%. The fall in Kotak, ICICI, AXIS were quite strong in that period - is it telling us something?
Yesterday also we decided to go with a neutral stance, today we are sticking by that again. Despite the gap-up today we were not able to break through the 44650 zone i.e. above the double top level. For bullish momentum to pick up, the only thing BN has to do is negate the double-top zone. If we are falling, the level to watch out for is 44068.
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